How is Bitcoin (BTC) Looking Today?
At present, Bitcoin is trading at approximately $29,000 and has remained relatively stagnant over the past week. As we noted in our previous analysis, the price appears to be consolidating on shorter timeframes, which could lead to a significant move in either direction. Despite being below the $30,000 mark for several weeks, BTC has struggled to overcome this critical resistance level. If the cryptocurrency fails to gain momentum in the near term and cannot break through the $30,000 barrier, it would signal a strong possibility of a downward trend in the price. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (05-May-2023) to see where the price is headed in the short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, the first thing we can notice is the symmetrical triangle that we highlighted in our previous analysis as well.
BTC has adhered to this pattern since last week, and as a result, we anticipate a significant price movement when it breaks out of this structure in the near future. A symmetrical triangle is a neutral pattern, so the price can break in either direction.
Should Bitcoin breach this pattern and surpass the $30,000 resistance level, we will be targeting the $32,000 mark as the next critical level for BTC in the immediate short term.
Conversely, if BTC breaks below this pattern, which appears increasingly probable at present, we anticipate the price to also drop below the support level of $27,000. The next level we will be expecting BTC to touch in that scenario is the $25,000 mark.
As Bitcoin has been struggling to break above the $30K region, it seems likely that the symmetrical triangle will break towards the downside.
Conclusion: Final Verdict on Bitcoin (BTC)
BTC is currently trading just below $30,000 and has been struggling to pick up steam on the lower timeframes. Over the past few days, the price has been following a symmetrical triangle on the 4-hour chart, and we anticipate this formation to reach a conclusion soon. Once we receive confirmation of the breakout from this pattern, we will execute a trade on Bitcoin accordingly. Right now, we are just observing the price closely.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.